Arab Today, arab today imf welcomes kuwait\s recent economic performance
Last Updated : GMT 00:29:37
Arab Today, arab today
Arab Today, arab today

IMF welcomes Kuwait\'s recent economic performance

Arab Today, arab today

Arab Today, arab today IMF welcomes Kuwait\'s recent economic performance

Washington - KUNA

Kuwait's high oil prices and increased production have enabled the government to continue to record high fiscal and external surpluses and build strong buffers, the International Monetary Fund (IMF) said in a report. The IMF showed in its report, released after its Executive Board concluded Article IV consultation with Kuwait on November 25, that "overall real non-oil gross domestic product (GDP) growth is projected to increase modestly to three percent in 2013, driven by an increase in domestic consumption and pick-up in public investment." It showed that "the overall average consumer price inflation (CPI) is projected at three percent in 2013," whereas the fiscal and external surpluses are projected at 27 percent of GDP and 39 percent of GDP, respectively, in 2013. Monetary policy has remained "accommodative" and bank credit growth has "picked up," while bank profitability has remained "stable and soundness indicators appear strong." The Fund indicated that "banks had an average capital adequacy ratio of 18. 3 percent (Tier I capital of 16.6 percent) at end-June 2013." Gross nonperforming loans declined to 4.6 percent at end-June 2013 from 5.2 percent at end-2012. Banks had a provisioning ratio of 107 percent at end-June 2013. Some investment companies continued to record losses in 2012, though of a lower order compared to 2008; a few of these are "still deleveraging and restructuring their balance sheets." The economic outlook is expected to "improve further" in 2014 and over the medium term as non-oil growth is expected to increase to 4.4 percent in 2014 "supported by public capital spending," driving average inflation to 3.5 percent. Fiscal and current account surpluses are expected to remain large in 2014. Over the medium term, non-oil growth is projected to accelerate to about five percent as "large infrastructure investments are expected to support the growth momentum." Executive Directors "welcomed Kuwait's recent economic performance," as high oil prices and increased production have "enabled the build-up of large fiscal and external buffers, and the non-oil sector is continuing its recovery. " Meanwhile, the outlook is subject "to risks from global and regional developments, and the economy remains highly oil-dependent," where directors therefore "encouraged the authorities to make further efforts to promote economic diversification, particularly in areas with potential for greater national employment." Directors noted that while the fiscal position is strong, "a sustained period of low oil prices could deplete fiscal surpluses. "To contain risks, free up resources for increased capital spending, and to save for future generations, Directors agreed that it will be important to restrain current expenditure growth and to enhance non-oil revenues." Furthermore, directors agreed that the current accommodative monetary stance remains "appropriate and the exchange rate peg to a basket has provided a strong and credible monetary anchor." They noted that the banking system is "well regulated and resilient to shocks, and welcomed continued steps to strengthen financial regulation and supervision." They affirmed that "continuous refining of the macro-prudential toolkit and greater central bank autonomy would enable the authorities to better deal with systemic risk." Directors cautioned that "the recent large consumer debt relief program could give rise to moral hazard," also calling for "the completion of the restructuring process and a review" of the investment companies sector. Directors welcomed the recent passage of "important legislation that will enhance the investment climate and forge partnerships with the private sector, and encouraged further steps in this direction." To foster Kuwaiti employment in the private sector, Directors underscored the "need to contain public sector wage and employment growth, enhance educational quality, further promote female labor force participation, and create an enabling environment for small and medium enterprises." Directors also encouraged "continued efforts to improve effectiveness in public administration, and the establishment of an independent Financial Intelligence Unit."

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today imf welcomes kuwait\s recent economic performance Arab Today, arab today imf welcomes kuwait\s recent economic performance

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday